Last August monies were transferred to a friend/trustee of a Special Needs Trust for my benefit, from a trust left by my late father 2 purchase a "fixer" house 4 me in California. The title was left in her name so she could get an equity line/mortgage 2 remodel it cause banks won't lend 2 a trust. She still hasn't gotten a loan & doesn't seem motivated 2 do so. She's a senior; going on vacation 2 Alaska next week; lives in Florida & B 4 she leaves, needs 2 transfer title of the house 2 the SNT 4 me. If she dies B 4 she returns it will be stuck in her estate & I will have a big problem w/her family.
Must transfer taxes B paid when she transfers title of the house into the SNT or 2 me as individual?
What documents must B signed 2 effect the transfer? Her inactions R hurting me. HELP!
The trustee acted wrongfully when she placed the corpus, including the real property, in her name and not as trustee of the special needs trust. It is not clear where jurisdiction lies -- probably Florida. However, the county where the property is located, especially if that is the only asset of the trust, may also have jurisdiction.
I would not advise transfer of the real estate to you -- the purpose of a special needs trust is to keep the property out of your name so you can still qualify for government benefits. Transfer of the property to you would defeat the purpose of the trust and be in violation of the terms of trust.
There is a lot more at stake here than “transfer taxes.” I strongly suggest you personally consult local probate counsel who can review all the facts with you. At first blush, it appears you need to file a petition in probate court to have the trust handled by a different trustee and the property transferred back into the trust. Good luck.
SINCE 1974. My answers are for general information only. They are not legal advice. Answers assume California law. I am licensed in California, only. Answers must not be relied upon. Legal advice and counsel must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice and counsel during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice or counsel in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for advice and counsel. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference
General Practice Lawyer
The trustee in my mind was absolutely wrong and has breached her duties and that is serious. This also seems like there was some collusion to put one over on a bank. If she had gotten an equity line to remodel this, some one is responsible for the loan and the home would have been encumbered with debt. If the equity line defaults and forecloses, the house goes away and you can't be taken care of. I am not even sure that purchasing the home was a good idea at all...
As MR Daymude has suggested you need an attorney and you need one fast
This is for general information only. Nothing in this information should be construed as creating an attorney-client relationship nor shall any of this information be construed as providing legal advice. Laws change over time and differ from state to state. These answers are based on California Law.Applicability of the legal principles discussed may differ substantially in individual situations. You should not act upon the information presented herein without consulting an attorney about your particular situation. No attorney-client relationship is established.
Estate Planning Attorney
Based on the information you provided, you need to consult with a local estate planner to review the trust and the ret of the facts surrounding the situation. After a thorough review of the circumstances, you will be able to receive appropriate guidance. This is an issue that needs to be resolved sooner rather than later.
** LEGAL DISCLAIMER ** My response above is not legal advice and it does not establish an attoreny-client relationship. When responding to questions posted on Avvo, I provide a general purpose response based on California law as I am licensed in California. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel. Law Offices of Eric J. Gold www.EGoldLaw.com Telephone: 818-279-2737 Email: email@example.com